Commonwealth Bank’s cash profit plunges 11 per cent during COVID-19

Profits are down – yes, but it’s still making a profit and making a profit of $7.3 billion isn’t really considered to be struggling, unlike many small businesses that are making losses and going under. The sad reality of the current economy is that with increasing infections and the possibility of further ‘mild’ restrictions (rather than a total lockdown) to address it, there doesn’t really seem to be a plan to recovery (either in terms of the economy or the pandemic). At the moment, it’s still just a matter of wait and see what happens next, then react.

New Zealand went into total lockdown and then they came out of lockdown. They’re going back into lockdown because of a few infections, but at least there’s a clear way forward for businesses and the nation. In Australia, we’ve been choking slowly on our on indecisiveness for months with no real end in sight…

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Commonwealth Bank’s cash profit plunges 11 per cent during COVID-19By Stuart Marsh • Senior Producer3:10pm Aug 12, 2020 Tweet Facebook Mail The Commonwealth Bank’s cash net profit after tax has fallen more than 11 per cent year on year as the bank reels from loan impairments caused by COVID-19.Ann…